On December 22, 2017, President Trump signed into law Public Law 115-97, Tax Cuts and Jobs Act (clicking the link will allow you to review the entire bill from the U.S. Government Printing Office website).

TaxAct’s 2018 Tax Calculator reflects the difference in estimated taxes based on the tax reform rules (calculated on the information you enter in the calculator).  Information is also provided on the effect of the tax reform on various sections of the tax return.

There are a number of IRS websites outlining the changes (all of which will be incorporated into the 2018 TaxAct programs):

• IRS Publication 5307 Tax Reform Basics for Individuals and Families
• Message from the Acting Commissioner
• Tax Reform
• Legislative Impact on Tax Forms
• Inflation Adjustments Under Recently Enacted Tax Law
• Law Changes for 2018 Affect Withholding
• Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law
• New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act
• IRS Announces 2018 Pension Plan Limitations Not Affected by Tax Cuts and Jobs Act of 2017
• Filing a Wrongful Levy Claim
• IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax
• New Deduction for Qualified Businesses
• IRS Issues Guidance on Withholding on the Transfer of Partnership Interests by Foreign Persons